By: Staff Writer

Colombo (LNW): LAUGFS Gas PLC, a leading energy solutions provider, and Lanka IOC, a prominent petroleum company forged a strategic partnership. This collaboration marks a pivotal moment in the industry as these two giants unite to drive innovation, enhance operational efficiency, and elevate customer service standards for the local LPG customer base.

The LAUGFS Gas and Lanka IOC partnership envisions a future where extended service hours, available 365 days a year, become the norm, with LAUGFS Gas products readily accessible at all Lanka IOC stations.

This partnership will also introduce a range of extended service offerings, further enriching the customer experience. By leveraging their expertise in their respective domains, both companies are committed to setting the standard in the LPG and petroleum product retailing industries.

Director/Cluster CEO, LAUGFS Gas PLC – Dr Niroshan J Pieries noted: “the partnership of the two entities continue to uphold and push the boundaries of innovation and collaboration in energy.

With the coming together of these two leading firms of the industry, it aims to spark a change for a more efficient, customer-focused future to further satisfaction and ease of purchase.”

Since its entry into the local LPG industry in 2001, LAUGFS Gas has experienced remarkable growth and has become a trusted brand synonymous with quality and consistency.

With an extensive network of over 7000 dealers and 31 distributors, LAUGFS Gas is well-positioned to meet the nation’s energy requirements.

This nationwide sales and distribution network is further supported by a modern fleet of LPG tankers and state-of-the-art 33000 MT storage and filling facilities in Hambantota and Mabima, both operated with the highest international safety standards.

Commenting on the partnership, Managing Director, Lanka IOC –r. Dipak Das, stated: “they are pleased to partner with LAUGFS Gas on this exciting venture.

Together, we share a vision of a future where convenience knows no bounds. This partnership is not just about offering convenience; it’s about enhancing the overall customer experience, he added.

He said “ We are committed to introducing a range of extended service offerings that will redefine the way our customers interact with us. By combining our expertise in the LPG and petroleum product retailing industries, we aim to set a new standard, one that puts the customer at the forefront of everything we do”

The LAUGFS Gas and Lanka IOC partnership represents a strategic alignment of industry leaders dedicated to shaping a brighter, more efficient future for Sri Lanka’s energy landscape. Together, they will propel the nation towards a more sustainable and customer-centric energy future.

By: Staff Writer

Colombo (LNW): The government has accepted offers to exchange about US $10 billion worth of defaulted local debt for new bonds, the Finance Ministry said on Tuesday, taking it a step towards meeting debt restructuring requirements ahead of an International Monetary Fund (IMF) review.

Sri Lanka has been battling its worst financial crisis in more than seven decades after its foreign exchange reserves depleted to record lows and forced the island to default on its debts in May 2022.

The bonds, largely from superannuated funds, were eligible for exchange under a domestic debt restructuring program announced by Sri Lanka in June.

A total of 3.2 trillion rupees of the 8.7 trillion rupees in bonds eligible for exchange were accepted, the Finance Ministry said in a statement. The settlement date of the exchange has been set at Sept. 14.

Central Bank data indicates that Sri Lanka’s total domestic debt is Rs.15.03 trillion, equivalent to 62.27% of GDP in 2022.

Of this total debt, Rs. 8.71 trillion is in treasury bonds, representing 57.93% of total domestic debt..

CBSL data also indicates that Rs. 3.12 trillion in treasury bonds is owned by licensed commercial banks, and LKR 0.75 trillion is owned by licensed specialized banks.

Together, these institutions own 44.43% of total treasury bonds. Retirement (superannuation) funds, including EPF and ETF, own Rs. 3.72 trillion in treasury bonds. This figure constitutes 42.72% of the total treasury bonds.

“The success of the Invitation to Exchange will enable the Republic to reduce Gross Financing Needs (GFN) over the next 10 years, thereby contributing to achieving the Republic’s GFN target agreed in the context of the current IMF-supported programme,” the finance ministry statement added.

A delegation from the IMF will arrive in Colombo on Thursday to start the evaluation process for the first review of the $2.6 billion four-year program which Sri Lanka secured in March.

Under the IMF program, Sri Lanka has set a target of restructuring its debt for the next 10 years and reducing its debt-to-GDP ratio from the current 120% to about 95% by 2032.

However, Sri Lanka still needs to complete talks with key bilateral creditors, including Japan, China and India, before it can take the next step to restructure its debt.

By: Staff Writer

Colombo (LNW): Singaporean energy company Vitol Asia’ has been awarded a procurement contract for the supply of four shipments of Petrol 92 Octane to Sri Lanka although there were adequate stocks available in the country at present.

Bids were invited from suppliers registered under the Ceylon Petroleum Corporation (CPC) for a long-term contract for the purchase of four shipments of Petrol 92 Octane over a period of 4 months, from 21 September 2023 to 21 January 2024.

While four bids were received, the proposal presented by the Minister of Power and Energy Kanchana Wijesekera to award the relevant procurement to the Singaporean company, as per a recommendation of Cabinet Appointed Procurement Committee, was approved by the Cabinet of Ministers on Monday (11 Sep.).

He said that the Ceylon Petroleum Corporation and Lanka IOC have adequate fuel stocks. The Minister noted that the existing shortage is due to the non placement of orders by Fuel Station owners anticipating a fuel price reduction.

The stock position of Diesel – 122,769 mt, Sup. Diesel – 5,739 mt, 92 Pet – 56,797mt ,95 Pet – 2,318 mt JET A1 – 42,625 mt was sufficient till the end of Next month , CPC source said.

In a move aimed at dispelling misconceptions and clarifying the financial landscape of fuel suppliers, Power and Energy Minister Kanchana Wijesekera presented a comprehensive breakdown of fuel costs for the Ceylon Petroleum Corporation (CPC), Lanka IOC (LIOC), and Sinopec in Parliament

The disclosure comes in the wake of a recent price revision in fuel rates, effective from 1 September.

Minister Wijesekera emphasized that the maximum profit margin allowable for any fuel supplier stands at 4% per litre, as stipulated in the fuel price formula adopted by the Government

One of the main aspects addressed in tabling the breakdown was setting the maximum retail price for fuel; a responsibility overseen by the Power and Energy Ministry monthly..

“Hope this clears out the misleading and false statements made by various individuals on unreasonable profits gained by other suppliers and CPC.

One of the main aspects addressed in tabling the breakdown was setting the maximum retail price for fuel; a responsibility overseen by the Power and Energy Ministry monthly.

He also noted that any fuel supplier is at liberty to sell their products below the established maximum price, thereby creating a competitive environment for the benefit of consumers.

By: Staff Writer

Colombo (LNW): Sri Lanka’s revenue administration and management information is being handled manually at present due to the mal functioning of the automation system, finance ministry sources revealed.

It has been observed that when renewing the agreement with Singaporean company which developed and maintains Revenue Administration and Management Information system RAMIS 2.0 is to be expired by January 2024.

Therefore the Inland Revenue Department has been compelled to upgrade RAMIS 2.0 in compliance with the proposed new taxes (Inheritance tax and Wealth tax etc.)

It has to be integrated with other state institutions connected with IRD and use National Identity Card Number as the unique identification number.

The automated system system will be upgraded with the technical capacity to prevent the delays in registration of tax files and the development of all modules of RAMIS will be finalized by September 2023, finance ministry sources disclosed.

It has been initially proposed to interlink 6 public institutions with RAMIS and now it is expected to interlink 29 public institutions.

The agreement with the Singaporean Company to develop and maintain the RAMIS 2.0 will be expired by 31st January 2024, and the internal capacity including the human resources of the Department has not been developed to take over the full responsibility of the RAMIS 2.0 by the end of this year.

It is recommended to introduce a Public-Private Partnership (PPP) changing the business model of RAMIS by involving a private entity to run the back office and maintain the system by creating a mutually beneficial arrangement(

The Inland Revenue Department has been directed to expedite the process of uploading data for opening tax files within a period of one year.

Currently, data of the year 2018 is being entered into the RAMIS, and it has been directed to ensure that the RAMIS is updated with the latest data in the opening tax files.

The IRD is not equipped with a Back Office where developer, programmer and user are present together.

It is recommended to put in place an efficient mechanism to accelerate the collection of Collectable and the Held over taxes within 3 years.

The IRD is to collaborate with the countrywide census to be conducted in 2024 by the Census and Statistics Department in order to gather information required to open tax files for every citizen who attained the age of 18 years.

Further, IRD will provide the required parameters to the Census and Statistics Department and necessary legal amendments to be brought in to enhance revenue collection.

Sri Lanka’s Marine Environmental Protection Authority has inked a significant agreement with France’s Collected Localization Satellites (CLS) to bolster the monitoring of oil spills resulting from vessels traversing Sri Lankan waters, utilizing advanced satellite technology.

This historic accord, with a one-year term, carries a project valuation of 601,810 Euros. The financial support for this endeavor is graciously extended by the French government, while the Sri Lankan government will shoulder the operational expenses. The agreement encompasses the provision of swift responses to oil spills caused by ships, encompassing stringent law enforcement measures. Minister of Urban Development and Housing, Prasanna Ranatunge, underscored the pressing need for such a system, given that approximately 300-350 vessels navigate the southern coast of Sri Lanka on a daily basis.

Minister Ranatunge stated, “Given the substantial maritime traffic along Sri Lanka’s coastal waters, a robust monitoring system is imperative to safeguard our nation’s precious marine environment. This surveillance system stands as an ideal solution to address potential hazards.”

Additionally, experts from Collected Localization Satellites (CLS) will impart invaluable insights to the Marine Environmental Protection Authority personnel on how to effectively monitor and pursue legal recourse in the event of future oil spills. Training will also encompass early detection techniques, which can significantly mitigate environmental risks by facilitating proactive measures.

CLS, the implementing agency for this project, presently operates in 34 global locations and specializes in the monitoring and observation of oil spills through cutting-edge satellite technology.

Minister of Justice, Prisons Affairs and Constitutional Reforms Dr. Wijeyadasa Rajapakshe, the Chairman of the Parliamentary Special Committee tasked with Providing Recommendations for the Expansion of Higher Education Opportunities in Sri Lanka, emphasized the pressing necessity of formulating a national government policy to enhance the quality of education in Sri Lanka.

Furthermore, the minister underscored the challenge of nurturing the human potential of children in the absence of a competitive education system. Minister Wijeyadasa Rajapakshe conveyed these sentiments during his participation in a press conference held at the Presidential Media Centre(12), under the theme ‘Collective Path to a stable country.’

He also highlighted the current demand for vocational training in the country and advocated that institutions offering such education should receive recognition on par with universities.

Addressing the media briefing Dr. Wijeyadasa Rajapakshe further said;

In our country, we boast a high standard of education. However, the opportunities available for our students to access the highest levels of education are insufficient. In today’s competitive environment, our children are often taught to memorize knowledge rather than fostering skills, knowledge and intelligence development.

The beginning of the five-year scholarship program introduces fierce competition among children, which sometimes leads to negative emotions like hatred and anger. Despite achieving high exam scores, we have observed little improvement in the development of their character and human qualities. This competitive atmosphere extends to both the General and Advanced Level exams. As long as this competitive education system persists, it remains challenging to nurture an altruistic community for our nation.

Comparing our education system with that of developed countries reveals a key difference. They have a General Term examination system without a scoring mechanism. Every child passes and special attention is given to those with weaknesses, ensuring a well-rounded education. Finland, known for its exemplary education, once had a system similar to ours in the 1970s.

For children to grasp intelligence effectively, they must have a relaxed mind-set. Even without tutoring classes, students in these countries perform well academically. However, in our context, the pressure of competition often results in mental stress among the majority of university-bound children.

In light of these challenges, we propose that the emphasis given to universities should also extend to early childhood development. While teaching older students presents its challenges, ensuring a strong foundation during early childhood is paramount.

Our higher education system currently lacks organization. With 16 state universities governed by the University Grants Commission, there exists some independence, but it’s vital to align the necessary provisions for these institutions. Despite extending free education to the private sector, we have yet to establish a comprehensive system for its oversight.

Moreover, foreign universities and affiliated institutions operate without a standardized quality assurance system. Additionally, vocational training institutes, despite being vital for the country’s needs, lack the recognition accorded to universities. It’s crucial to grant proper recognition and support to vocational training education to meet the demands of our nation effectively.

In this situation, I find it disheartening to witness the youth community of our country discouraged from pursuing vocational education. In contrast, vocational training in other countries often leads to the attainment of degrees. This is why I strongly suggest a comprehensive overhaul of our country’s education system.

The University Grants Commission, which was established in 1978, was modelled after the Indian system. However, India has since progressed significantly, moving away from this education model. They now have an Independent Higher Education Commission, which registers universities based on rigorous standards, irrespective of whether they are government-funded or private.

The inability to establish a high standard for higher education within our country has led some students to seek education abroad. Furthermore, the practice of leaving students idle for months after exams until results are released is a serious concern. We must reform this educational system, which wastes valuable time.

In light of these challenges, our proposal suggests the creation of a Higher Education Commission to replace both the University Grants Commission and the Vocational Training Authority. Under this Higher Education Commission, there would be three units: public universities, private universities and professional universities, each with its own standards protected by a separate unit.

It is essential, in line with the country’s policy that degrees are awarded without discrimination between subjects or differences in the standards set by each university. All degrees should meet a single standard.

Our aim is to eradicate the perception of education being a commodity or lacking in quality. We have put forth numerous suggestions to prevent the recurrence of issues in educational institutions. Additionally, we propose shifting the general level examination to the 10th grade and the advanced level examination to the 12th grade.

As a committee, we have undertaken a thorough research process, gathering insights from various stakeholders, including academics, to compile a comprehensive report.

We firmly believe that a broad discussion is necessary to address the existing free education system in our country. We propose the development of a national government policy in collaboration with the people, one that would be enshrined in an Act of Parliament and remain consistent across different administrations.

While some may seek political advantage in altering the education reform system, it ultimately falls upon the people of our nation to decide the fate of our children’s education. We stand ready to guide the transformation of our education system, but it is imperative that the government addresses the organizations that disrupt higher education in our country.

The award ceremony and appreciation of high-achieving students who excelled in the GCE A/L 2021 and 2022 examinations was held today at the Presidential Secretariat, presided over by President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena.

Students who excelled in each stream at the GCE (A/L) examination in 2021 & 2022 Academic years were presented certificates and cash rewards by President Ranil Wickremesinghe at the Presidential Secretariat where a total of 90 students including the top 10 students from the 6 streams in the 2022 Academic year and the top 5 students from the 6 streams in the 2021 Academic year were rewarded at this event.

Cash prizes of Rs. 50,000 each were distributed to the students securing the first, second and third positions in all six advanced-level subject streams across the country. Meanwhile, students in other positions received cash prizes of Rs. 25,000 each.

In a friendly exchange with these accomplished advanced level students, President Wickremesinghe invited them to share their thoughts on education. One student expressed concerns about the potential brain drain, as many of her friends aspire to pursue higher education abroad, leaving Sri Lanka’s talent pool depleted. She emphasized the need for programs that encourage educated individuals to contribute to the country.

Another student pointed out that the 40-minute time slots allocated for subjects during A-level exams might hinder a deeper understanding of the topics. She suggested that extended hours in supplementary classes might contribute to the perceived success of such programs. Furthermore, she praised the quality of government-provided textbooks at the advanced level and proposed that these materials could be enhanced in tuition classes. She also stressed the importance of incorporating practical applications into the curriculum to retain high-achieving students.

A university student, who excelled in the 2021 A-level examination and is currently in the first year at the University of Moratuwa studying fashion design, raised concerns about job prospects in Sri Lanka after completing a degree in that field. This raised questions about the availability of career opportunities in his chosen path within the country.

He suggested that if the government offers guidance to students when they are selected for universities, it could lead to the formation of a more effective group of students.

During the event, a first-year university student added that the absence of a direct platform for discussing university issues with the government has caused numerous problems. She proposed that a suitable opportunity for such discussions should be provided monthly, which could help reduce misunderstandings and build trust between the government and the university student community.

Another student chimed in, suggesting that providing opportunities for students to make degree-related decisions before the 13-year leading to the advanced level examination could expedite their education, increase their chances of finding employment and promote stability.

In response to the students’ suggestions and ideas, the President expressed his commitment to paying attention to them.

Following the distribution of certificates and cash prizes, the students gathered for a group photograph.

Additionally, the Presidential Secretariat organized a complimentary visit for the students to the Lotus Tower and the Colombo Port City.

The event was facilitated by Mr. Randula Abeyweera, Presidential Director of Youth Affairs and Sustainable Development and attended by prominent officials, including Presidential Senior Adviser on National Security and Chief of Presidential Staff Mr. Sagala Ratnayaka, Presidential Secretary Mr. Saman Ekanayake, Secretary of the Ministry of Education Mr. Nihal Ranasinghe, Secretary of the Presidential Fund Mr. W.A. Sarath Kumar, Commissioner General of Examinations Mr. Amit Jayasundara and several other officials.

The Parliamentary Caucus for functioning towards safeguarding National Heritage discuss regarding the measures taken by several institutions for the preservation of national
heritage

The Parliamentary Caucus for functioning towards safeguarding National Heritage took into discussion the measures taken by several institutions for the preservation of national heritage.

This was discussed when the Parliamentary Caucus for functioning towards safeguarding National Heritage met in Parliament recently under the Chairmanship of Hon. Jayantha Samaraweera Member of Parliament.

Officials representing the Department of Archeology, Sri Lanka Police, Tourism Promotion Bureau, Cultural Affairs Department, Central Environment Authority, Wildlife Conservation Department, Forest Conservation Department, Buddhist Affairs Department, Central Cultural Fund and Department of National Museums were involved for the said.

Furthermore, there was a discussion regarding the places identified as places with archaeological values ​​that are currently destroyed or are likely to be destroyed.

Accordingly, Hon. Jayantha Samaraweera, Member of Parliament recommended that the places which have been gazetted as archaeological sites and those which have not been gazetted and the places which are currently destroyed and the places which are at risk of destruction should be submitted to this Committee district wise.

Furthermore, the creation of an archaeological fund was discussed at the Committee meeting held. Accordingly, the officials present mentioned that the matter is currently being discussed. Moreover, there was a discussion at length about how the other institutions that were called for are working for the preservation of national heritage. State Minister Hon. Sisira Jayakody, Hon. (Dr.) Sarath Weerasekera, Hon. Udaya Gammanpila, Hon. Upul Mahendra Rajapaksha, Hon. Jagath Kumara Sumithraarachchi,

The Ministry of Defence in Sri Lanka has announced that it has put in place necessary arrangements to offer stipends to disabled tri-forces personnel who retire from service due to disabilities incurred during the course of the terrorist war. This stipend will be provided until the age of 55 years and will continue for the lifetime of the serviceman and his widow.

Under the current procedures, if a disabled serviceperson passes away before reaching the age of 55, a medical board must confirm that the cause of death is directly linked to the disability of the individual for the widow to qualify for the aforementioned stipend.

In cases where a disabled serviceperson passes away due to other causes not directly related to their disability, and the medical board cannot confirm a direct link, the widow will be eligible for the Widow’s and Orphan’s Pension, as outlined by the ministry.

In response to numerous requests from affected widows seeking the continuation of allowances and salaries, the Defence Ministry has taken steps to seek Cabinet approval to provide relief to them.

The ministry has urged retired disabled servicepersons and their family members not to be unduly concerned, highlighting that certain groups have attempted to create confusion on this matter.

Furthermore, the Defence Ministry has pledged to take all necessary measures to ensure the welfare of retired tri-forces personnel and their families in the future.

In a concerning development, the Sri Lankan Rupee has experienced a further depreciation against the US Dollar at commercial banks in Sri Lanka today, September 13th, in comparison to the previous day.

Peoples Bank has witnessed an uptick in both the buying and selling rates of the US Dollar, with figures escalating from Rs. 314.72 to Rs. 315.45 for buying, and from Rs. 328.85 to Rs. 329.62 for selling.

Meanwhile, according to the Commercial Bank, the buying rate for the US Dollar has climbed from Rs. 314.73 to Rs. 315.72, while the selling rate has also risen from Rs. 326 to Rs. 327.

Contrastingly, at Sampath Bank, the buying and selling rates of the US Dollar have remained stable, with figures standing at Rs. 318 for buying and Rs. 328 for selling.